Job cuts and asset sales help Monarch back to profit

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The group behind Monarch Airlines and Cosmos Holidays returned to the black
after heavy losses suffered during the recession.

The privately owned group made £1.4 million in the year to October 31 compared
with losses of £30.3 million the year before.

A collapse in spending during the recession hit the travel group hard, forcing
it to cut staff and sell assets. Accounts filed with Companies House show
that the workforce fell to 2,791 from 3,086 after redundancies.

Monarch Group, which is controlled by the Mantegazza family of Switzerland,
also sold two hangars at Luton airport to Ocean Sky, the private